Best Investment Apps for Canadians

Posted on July 14, 2021

Do you ever wish that your savings account would grow a little faster? Do you ever feel like you're not maximizing your money the way you could be?

In 2020, Finder discovered that 77% of Canadians owned investments in some capacity.

And as smartphones have continued to become commonplace, it's not surprising that some of the best investment apps on the market are a simple swipe away.

What stock apps should you consider? Are there any that should be duking it out right now for the title of "Best Stock Trading App in Canada"?

If this line of questioning sounds familiar, the answers might surprise you. 

1. Pocketsmith: Best for Financial Planning

Pocketsmith logo

What if you could have a personal finance solution that would allow you to track your current finances and plan for your future at the same time? 

Pocketsmith allows you to do exactly that while also having the luxury of being able to keep an eye on your spending through the use of bank feeds. With direct connections available to TD Canada Trust, Scotiabank, BMO, RBC, and Tangerine Bank, among others, this app makes it easy to keep an eye on your spending. 

How Much Does It Cost?

Pocketsmith offers three options in the Basic, Premium, and Super plans. The Basic plan is free while the Premium is $9.95 per month and the Super plan is $19.95 per month. 

Is It Safe?

For an app that has a bank feed option, Pocketsmith is surprisingly safe. Using a combination of protocols that include encryption, stored data, and read-only feeds, Canadians can expect their data to be handled with care.

2. WealthSimple: Best for Beginners and Free Trades

wealthsimple logo

WealthSimple is a Canadian stock market app with an incredibly clean app interface and it allows free trades on Canadian stocks and shares. But if we had to choose, we'd say that the app's superpower is in its ability to make complicated investing processes sound as simple as reciting your ABCs. 

Whether you've been investing all your life or you've only just become interested in the stock market, you can count on this app to give you all the detailed explanations you need and then some. 

With a quick and easy investment process and a low minimum balance, WealthSimple offers both a passive robo advisor in Invest and a self-directed portfolio option with Trade. In essence, if you love simple and you love free trading, WealthSimple could very well be one of the best for stock trading in Canada. 

Can I Trust WealthSimple?

Yes! WealthSimple allows users to utilize security features like two-factor authentication to access the app and then also insures account balances up to $500,000 through the SIPC. In addition, existing customers have a lot to say about the app. 

What Are Free Trades?

Many brokers will charge a small commission when you buy or sell shares. The WealthSimple stock market app is different in that while there is a conversion fee for shares that are bought in USD, users can purchase Canadian stocks for free.  

3. Questrade: Best for ETFs

questrade logo

For many people, the words "Canadian investment app" bring Questrade to mind. Originally launched in 1999, Questrade is still growing with roughly 200,000 new annual accounts and a staggering $25 billion under management.

The design of the website is impressive on its own merits and the trading app brings the layout and features of the site directly to your phone. It may not be quite as beginner-friendly as WealthSimple, but this Canadian stock market app still does a solid job of giving you an intuitive user experience while being loaded with impressive features.

But where Questrade really shines is in the way it gives investors the ability to purchase ETFs for free.

What Is An ETF?

The letters stand for exchange-traded fund. These are securities that are grouped together and sold as a single share on the market.

What Are the Benefits of An ETF?

Imagine that you're a firm believer in the future of the tech sector as a whole but you're also sold on the European bond market. But while you can afford to pay for a few shares of Google or Amazon, it's a little too expensive to do so while also purchasing gold every month. 

In this scenario, buying shares in a gold ETF or a tech ETF could let you benefit from the overall trends at a cheaper price. This flexibility is what helps make ETFs one of the best investments out there for Canadians who don't want to dig too deeply into the stock market. 

How Do You Buy and Trade an ETF?

You search the ETF you're looking to purchase in the Questrade trading app and then you click through to purchase. Most people will then continue buying at regular intervals in order to take full advantage of dollar-cost averaging.  

4. Mylo: Best for Automated Investing

moka logo

Everybody talks a big game about wanting to manage debt better and invest more, but finding the financial discipline to hit the "Send" button every month is easier said than done. With the app that used to be known as Mylo (now operating under the name "Moka"), you can literally pursue all of your financial goals without doing a thing.

So much so that if you're the type of person who keeps forgetting to buy more shares, Mylo could be the best stock app out there. 

And with two plans available in Moka and Moka360 at $3 and $15 a month respectively, Canadians have access to a wind range of features that include cashbacks, customized debt plans, and more.

What Is Mylo?

Mylo was an app that allowed Canadians to make automatic savings investments by rounding your purchases up to the nearest dollar and investing the change. Why do we say "was" when it comes to Mylo?

Because in 2017, the company rebranded from Mylo to Moka. 

Is It Safe?

Any time you give an app access to your bank account, it's perfectly normal to ask questions. To that end, Moka is said to take the same approach to security that the major Canadian banks do. 

Can You Lose Money With Mylo?

Any time you're making an investment, there's no guarantee that you'll make your money back. Mylo is no different. But as the saying goes, "Time in the market beats timing the market.". So it may be worth your while to wait it out with this app.

How Do You Make Money With Mylo?

You make money in a few different ways with Mylo. First, you make money directly when you invest funds on people's behalf. And secondly, you get more money in your pocket through the savings you make as time goes on.

5. EQ Bank: Best for Saving

eq bank logo

Have you ever noticed how you often need to be a billionaire to earn a decent amount of interest on your savings with most banks?

Canadians may be able to 125x their savings account returns by switching to EQ Bank. And that's just the interest. Accounts through EQ Bank also come with free Interac transfers and no monthly fees to boot. 

If you want to get a little more bang for your savings buck and you don't like the roller coaster element of the stock market, this app could be a good fit for what you're looking for.

Is EQ Bank Safe?

Yes. Funds you put into your EQ Bank savings account can have CDIC protection for as much as $100,000. You can click on their website to get more details.

Is It Trustworthy?

Yes. Although you might not have heard of EQ Bank, it is a federally regulated bank.

Why Is EQ Bank Best For Saving?

Plain and simple, the high interest earnings from EQ Bank combined with the lack of monthly banking fees serve to make EQ Bank a solid choice for Canadians who want to safely earn interest on their savings. All you have to do is sit back and earn. 

6. KOHO: Best for Budgeting

koho logo

If you've got a passing familiarity with KOHO, then you probably think of this app as primarily a chequing account. However, what a lot of people don't realize is that on top of its vaunted savings and chequing accounts, KOHO also has a robust budgeting tool that can help you keep track of your spending. 

What Is KOHO?

KOHO describes itself as a cross between a chequing account and a credit card. Users are expected to open an account and deposit money while using the card as a Visa and getting a cashback for their efforts. 

How Much Does It Cost?

Opening an account with KOHO is free! But if you're interested in taking out a premium account, that will cost you $9 a month or $84 a year.

Here's How You Can Find the Best Investment Apps Available

In the past, investing and earning larger returns was primarily a Bay Street or investment banker type of concern. But personal finance and investment apps allow more and more Canadians to have more control over their finances.

Ready to take your insurance savings to the next level? Request your free Insurdinary quote today!

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